BU confirms sale of Hotel Commonwealth for $79M

Boston University confirmed today its sale of Hotel Commonwealth in Boston’s Kenmore Square for $79 million.

Denver’s Sage Hospitality and New York investment firm Fundamental Advisors LP are purchasing the five-story, 149-room boutique hotel, which opened in 2003.

“The sale of the Hotel Commonwealth represents an important step forward in fulfilling our long-term vision of transforming Kenmore Square into a vibrant destination,” Gary Nicksa, senior vice president of operations at Boston University, said in a statement. “We look forward to collaborating with Fundamental Advisors and Sage Hospitality, who have a deep interest in the community and a proven track record of working together productively in the hospitality space.”

The sale, first reported by the Herald yesterday, includes adjoining retail and restaurant space totaling almost 30,000 square feet and developable land.

The buyers and seller have agreed to work cooperatively with regard to the undeveloped land to “continue the urban revitalization efforts in the area,” Boston University said.

Jones Lang LaSalle Hotels represented Boston University during the sale and secured debt financing for the new owners.